RMB Nigeria advises on BOI’s ₦274.18 billion domestic bond issuance

Rand Merchant Bank (RMB) Nigeria served as the Joint Issuing House for the successful launch of the Bank of Industry's (BOI) first-ever domestic Naira-denominated ₦274.18 billion 5-Year Fixed Rate Bond due in 2031. This issuance is the largest debt capital markets transaction by a Development Finance Institution (DFI) in Nigeria, based on publicly available data.

BOI initially aimed to raise ₦250 billion but was able to increase the issuance due to strong investor demand, highlighting market confidence in BOI's mission, financial stability, and role in promoting Nigeria's industrial and economic growth. Institutional investors such as pension fund administrators, banks, insurance companies, asset managers, development finance institutions, and others participated in the bond sale.

This transaction underscores the robustness of Nigeria's domestic capital markets and the ability of local investors to support large-scale, long-term financing deals. RMB, which has a long-standing partnership with BOI, previously advised on BOI's inaugural Eurobond issuance and supported the launch of its domestic bond program.

Chidi Iwuchukwu, Executive Director and Head of Investment Banking at RMB Nigeria, stated that the transaction demonstrates Nigeria's capital markets' ability to mobilize significant long-term capital. Laju Atake, Head of Debt Capital Markets at RMB Nigeria, added that the successful issuance reflects the ongoing development of Nigeria's capital markets and the importance of accessible financing for leading institutions.

RMB expressed gratitude to various market participants for their support in executing the issuance and congratulated BOI's leadership on the successful transaction, emphasizing the bank's ongoing commitment to mobilizing long-term capital for sustainable economic development in Nigeria.